Legislation Senate President Stephen M. Sweeney sponsored to provide New Jersey’s middle-class senior citizens and retirees with an income tax cut, allowing them to remain in New Jersey amidst the tide of rising property taxes, was today released by the Senate Budget and Appropriations Committee.

Under the Sweeney bill (S-2345), seniors whose total earnings fall under $100,000 would be exempt from paying taxes on any income from a pension or deferred compensation plan. The change would put New Jersey on par with Pennsylvania, which is one of only two other states (Illinois and Mississippi) to have a similar retirement income tax exemption.

Sweeney contrasted his proposal to statements previously made by Governor Christie, who has said his goal was to cut income taxes for the highest-paid residents by one-third. Sweeney noted that the Governor’s proposed income tax cut for the rich also was made under the guise of putting New Jersey on the same footing as Pennsylvania. However, he said that instead of simply trying to attract more millionaires to the state, New Jersey should focus on helping middle-class retirees stay in their hometowns.